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PBI » Topics » 18. Finance Assets

This excerpt taken from the PBI 10-K filed Mar 1, 2007.

18. Finance Assets

Finance Receivables

Finance receivables are generally due in monthly, quarterly or semi-annual installments over periods ranging from 3 to 5 years and are comprised of sales-type leases and customer loan receivables. Finance receivables of discontinued operations were due in monthly, quarterly, semi-annual and annual installments over periods ranging from 3 to 25 years.

The components of finance receivables were as follows:

December 31,   2006                      2005
Gross finance receivables  $ 3,480,695   $ 3,249,081  
Unguaranteed residual values  281,581   241,304  
Unearned income  (749,728 ) (720,113 )
Initial direct cost deferred  4,174   3,010  
Allowance for credit losses  (82,499 ) (87,797 )
Discontinued operations    -     498,634  
Net investment in finance receivables  $ 2,934,223   $ 3,184,119  

Net investment in finance receivables include net customer loan receivables at December 31, 2006 and 2005 of $524.7 million and $427.5 million, respectively. Customer loan receivables arise primarily from financing services offered to our customers for postage, supplies, and shipping payments. Customer loan receivables are generally due each month, however, customers may rollover outstanding balances.

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